Portland Metro Multifamily Market Report Q3 2025

Market Overview

‍Portland’s multifamily market cooled sharply in Q3 2025 as demand fell to just 345 units absorbed, the lowest since late 2023. Average monthly effective rent edged up to $1,782 and occupancy held at 95.6 percent, but leasing momentum slowed across most submarkets. Vancouver was the clear outlier, accounting for nearly half of all units absorbed and showing occupancy growth of 2 percent. Construction activity continues to contract with only 2,619 units underway metro-wide, almost half of which are in Vancouver. Sales volume reached $426 million, driven largely by private buyers as institutional investment pulled back.

‍About Colliers

‍Colliers is a global commercial real estate advisory firm offering research, valuation, brokerage and capital-markets services. Their Portland multifamily report blends detailed data on rent trends, occupancy, absorption, construction pipelines and investment activity to help owners, developers and investors understand market shifts and position for recovery. To read the full report, click here.